Canadian Solar and its majority-owned subsidiary, CSI Solar, announced the rebranding of their utility-scale battery energy storage subsidiary and platform to eSTORAGEpreviously operated as CSI Energy Storage.
The platform is based on the lithium iron phosphate (LiFePO) developed and manufactured by CSI Solar.4) chemistry-based battery solution SolBankdesigned to be one of the most secure and robust systems for utility-scale storage applications.
“By creating a distinct e-STORAGE brand for our turnkey utility-scale battery storage business, we demonstrate once again that our battery energy storage business has attained the same importance as the longstanding solar business,” said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
This July, e-STORAGE launches with nearly 26 GWh of energy storage projects in the overall pipeline and over $1.7 billion in contracted revenue, up from $1 billion in January, providing a strong growth forecast for an upcoming multi-year period .
Currently, e-STORAGE operates two fully automated and best-in-class production facilities and expects to reach an annual capacity of 10 GWh. With the rebranding, e-STORAGE is well positioned and will drive its growth in the global energy storage market by providing high quality, scalable energy storage solutions for power grid carbonization and renewable energy deployment.
In addition to growing the renewable energy market, Canadian Solar has expanded its global footprint in recent years through a series of investments, business restructuring and adjustments. The rebranding was announced in April its wholly owned Global Energy subsidiary as Recurrent Energy, from engagement with the North American projects to the broader global development and services businesses.